FITZROY RESOURCES Ltd Breaking New Ground in Queensland

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1 1 May 2011 FITZROY RESOURCES Ltd Breaking New Ground in Queensland

2 2 Overview Investment Highlights Corporate Details and History Why Base Metals in Queensland? FRY Projects: Rookwood Glentanna Photo: Mineralised intersection from FRWD0002 Cu, 3.5% Zn, 0.4g/t Au and 30g/t Ag

3 3 Investment Highlights Corporate Expanding in-ground resource and aggressive exploration programs. New drilling has identified additional mineralisation outside the existing resource. Multi- faceted regional exploration approach to identify the next VHMS resource in the district.

4 4 Investment Highlights Corporate Geologically and Geographically Focussed Large prospective land holding with little previous VHMS exploration. Well understood geological model with a developing target portfolio. Concentrated spending on key exploration targets.

5 5 Investment Highlights Corporate Attractive Corporate Structure and Value Tight corporate structure, well funded. Experienced board and senior management team. Low overheads for focussed in ground expenditure.

6 Fitzroy Resources Corporate 6 FRY FRY listed in December 2010 Australian Securities Exchange Information (as at 9 May 2011) Ordinary Shares - 41,000,005 Options - 11,000,000 (exercise price: $0.30) Market Capitalisation at $ $9.6 M Treasury - $4.2 M (30 March 2011) Share price - $0.24 (12 month range: $0.19 to $0.27) Board of Directors Chairman Tom Henderson Managing Director Will Dix Director Ric Vittino Company Secretary Simon Robertson Significant Shareholders Icon Resources 18.3 % Directors 12 %

7 7 History August 2010 Incorporation and seed capital raising. The Story So Far September 2010 Signed SPA with Icon Resources for VHMS Projects in Queensland. December 2010 Successful $5M IPO capital raising & listing on ASX. January 2011 Acquisition of additional tenement at Rookwood from Kangaroo Metals giving a total landholding of 720 Km2. February March 2011 Commencement of field work at Rookwood with HELITEMTM, diamond drilling and geochemistry. April May 2011 HELITEM and drilling results received, phase 2 exploration commenced. Photo: Silverwood copper mine on the Glentanna project, 2010

8 Why base metals in Central Queensland? Two Projects - Rookwood and Glentanna Established Develin Creek Resource* and under-explored prospective stratigraphy. Major towns Railway Power lines Port facility at Gladstone *Develin Creek Inferred JORC Resource 1.71% Cu, 2.05% Zn, 8.5 g/t Ag and 0.24 g/t Au. 8

9 Why base metals in Central Queensland? 9 Regional VHMS endowment: Projects Mt Morgan 0.7% Cu, 4.8 g/t Au Mt Chalmers 2% Cu, 3.5g/t Au, 20g/t Ag Relatively under explored (no VHMS work since mid 1990 s). Usually polymetallic (Cu, Zn, Ag, Au, Pb, Co, Sn etc). Cluster Factor eg Golden Grove, Jaguar (WA), Mt Read Volcanics (Tas), Benambra (Vic), Captains Flat (NSW), Chillagoe (QLD). Applying a systematic layer cake approach to exploration to maximise the opportunity for discovery.

10 10 Rookwood Project THEN and Now Prospective for VHMS-style Cu-Au-Zn mineralisation in an under explored terrane. Tertiary cover immediately adjacent to 1.75Mt resource is unexplored by both effective geophysics and drilling. Absence of any regional geophysics away from the northern part of the tenement. Contained a number of previously identified as yet untested geophysical and geochemical targets. Large tenement holding 720Km2. Significant exploration opportunity in an underexplored polymetallic province with historic production. Rookwood

11 11 Rookwood Project Then and NOW New drilling has identified a potential new zone of mineralisation at Develin Creek. Numerous high priority conductors identified from 2,800 l/km HELITEM survey > Co-incident gravity, geochemistry and EM anomalism confirmed at the Lygon prospect. High powered ground EM to follow in June. Ongoing field checking of HELITEM conductors. Rookwood

12 12 Rookwood Project Lygon Area Newly identified Lygon area south of Develin Creek. Coincident gravity, geochemistry, and EM anomalism. Detailed follow up geochemistry underway. High powered SAMSONTM planned for early June (crew timing dependent). Closest current drilling at Sulphide Suburb intersected low level zinc anomalism. OPPORTUNITY Rookwood

13 13 Develin Creek Drilling Extending The Resource 2 holes drilled north and south of the current resource, both holes intersected mineralisation. FRWD0002 intersected 2.9% copper, 3.5% zinc, 30g/t silver (11.5m TW) 40m south of the resource. Intersection is thicker and higher grade than others in the vicinity. New extension to the Develin Creek resource. FRWD0001 intersected 4.5% copper, 1.6% zinc, 22.9 g/t silver (0.8m TW) 50m north of the resource. 1 Km Downhole TEM on both holes scheduled for mid-may.

14 14 Develin Creek Drilling Extending The Resource 1 Km

15 15 Rookwood - Surface Geochemistry 3 main areas commenced late February will be completed by mid-june. Regional program ongoing throughout the year Main objective is to provide some supporting data to assist in target discrimination. Handheld XRF with supporting traditional assays for QA/QC. Program will rapidly expand the geochemical database (layercake approach).

16 16 3 month exploration program Rookwood Downhole TEM on drillholes to identify off-hole opportunities (May). High powered ground EM over selected HELITEM anomalies (June). RC and or diamond drilling on defined targets (June July). Targeted detailed surface geochemistry over selected areas that have multiple HELITEM anomalies (May - June ). Regional surface geochemistry to provide a geochemical database over the project (ongoing). Glentanna Initial EM at the Grieves Quarry prospect to test for extensions to massive sulphides previously identified in drilling. Regional surface geochemistry around the historic Silverwood copper mine. Photo: Silverwood copper mine on the Glentanna project, >

17 17 Glentanna Project No geophysics or drilling since OPPORTUNITY Glentanna Drill hole at Grieves Quarry intersected 1.2%Cu and 8.9%Zn NO FOLLOW UP. No downhole EM on any of the drilling. All drillcore available for re-assay. Old workings along the Silverwood Cu trend. Fixed loop EM to commence June Qtr over Grieves Quarry. Interpreted south plunge out of section

18 18 Disclaimer & CP Statements Disclaimer CP Statements Certain statements contained in this presentation, including information as to the future financial or operating performance of Fitzroy Resources Ltd and its projects, are forward-looking statements. Such forward-looking statements: The information in this presentation that relates to Exploration Results is based on information compiled by Mr William Dix who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Dix is a full time employee of Fitzroy. Mr Dix has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves'. Mr Dix consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. May include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions; are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Fitzroy Resources Ltd, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Fitzroy Resources Ltd disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words believe, expect, anticipate, indicate, contemplate, target, plan, intends, continue, budget, estimate, may, will, schedule and similar expressions identify forward-looking statements. All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Further information can be found at The information in this presentation that relates to Mineral Resources has been compiled by Ms Fleur Muller. Ms Muller, who is a Member of the Australasian Institute of Mining and Metallurgy, is a full time employee of Geostat Services Pty Ltd and produced the Mineral Resource Estimate based on data and geological information supplied by Icon. Ms Muller has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activity that she is undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code